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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K - page 70 / 83

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Edgar Filing: TIDELANDS OIL & GAS CORP/WA - Form 10-K

(2)

Adjust to recognize fair value of derivative

financial

instruments as

31, 2004

($5,168,000)

necessitated

by marking

and first quarter to market the fair

liabilities at Decembe adjustment ($2,894,500) value of the derivative.

r

(3)

Adjustments associated with the issuance of convertible debentures.

(4)

Adjustments

expenses

paid

to

for

recognize

the fair

by

the

issuance

of

value stock.

of

services

and

related

(5)

Adjustments to recognize the gain / (loss) on changes in the derivative liability when the conversion price became variable.

  • -

    19-

TIDELANDS OIL & GAS CORPORATION NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2005, 2004 (RESTATED) AND 2003

NOTE 3 ------

  • -

    PREPAID EXPENSES

----------------

December 31, 2005 ------------

December 31, 2004 ------------

$

2,741 88,340 84,270 0 7,500 1,087 ------------ $ 183,938 ============

$

4,802 82,318 79,500 310,000 8,301 2,567 ------------ $ 487,488 ============

Prepaid

Expenses-Other

Prepaid

Insurance

Prepaid

License Fee

Prepaid

Financing

Prepaid

Rent

Prepaid

Interest

31,

NOTE 4 ------

  • -

    PROPERTY, PLANT AND EQUIPMENT

-----------------------------

December

31, 2005 and

A summary of prepaid 2004 is as follows:

expenses at December

A summary of property, plant and December 31, 2004 is as follows:

equipment

at December 31, 2005 and

December 31,

December 31,

Economic

2005

2004

Life

------------

Estimated

------------

---------

Pre-Construction Costs: International Crossings to Mexico Mexican Gas Storage Facility and Related Pipelines Domestic LNG System Propane Distribution Systems

Total Office Furniture, Equipment and Leasehold Improvements

$

540,880

1,926,616 18,319 0 ------------ 2,485,815

174,412

$

27,601

928,232 0 207,415 ------------ 1,163,248

46,141

N/A

N/A

N/A

5 Years

70

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